Acts and Regulations

2013-76 - Harmonized Sales Tax Act

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NEW BRUNSWICK
REGULATION 2013-76
under the
Harmonized Sales Tax Act
(O.C. 2013-345)
Filed November 13, 2013
1Section 17 of New Brunswick Regulation 97-28 under the Harmonized Sales Tax Act is amended
(a) by repealing the definition “wholesale price” and substituting the following:
“wholesale price” means the wholesale price provided for in section 17.2.(prix de gros)
(b) by adding the following definition in alphabetical order:
“antique vehicle” means antique vehicle as defined in section 1 of the Motor Vehicle Act;(ancien modèle)
2The Regulation is amended by adding after section 17.1 the following:
Wholesale price
17.2(1)Subject to subsections (2) and (3), the wholesale price of a vehicle is the wholesale price as listed in a trade publication acceptable to the Commissioner.
17.2(2)If the make and model of a vehicle are not listed in a trade publication because they are too recent, the wholesale price of the vehicle shall be determined as follows:
A + (0.15 × A)
2where
2A is the most recent value for a similar make and model of the vehicle listed in a trade publication.
17.2(3)If the make and model of a vehicle are not listed in a trade publication because they are too old but the vehicle is not an antique vehicle, the wholesale price of the vehicle is the greater of
(a) $500, and
(b) the amount determined as follows:
B – Y(0.10 × B)
where
B is the most recent value for a similar make and model of the vehicle listed in a trade publication;
Y is the number of years between the model year of the vehicle and the model year of the similar make and model of the vehicle.
3Section 18 of the Regulation is amended
(a) in subsection (0.1) of the French version by striking out “agréée” and substituting “autorisé”;
(b) in subsection (2) by adding after paragraph (c) the following:
(c.1) the make and model of a vehicle are not listed in a trade publication acceptable to the Commissioner and no similar make and model are listed in a trade publication acceptable to the Commissioner;
(c) by adding after subsection (6) the following:
18(6.1)The fair value of an antique vehicle for the purposes of taxation under Part V of the Act is the greater of
(a) the purchase price of the vehicle, and
(b) the insured value of the vehicle.